The following content is sourced from external partners. We cannot guarantee that it is suitable for the visually or hearing impaired.
(Bloomberg) -- Julius Baer Group Ltd., reported better-than-expected full-year earnings last after increasing advisory and management commissions that more than offset lower investment fund fees.
Operating income rose to 2.85 billion Swiss francs ($2.88 billion) from 2.69 billion francs a year earlier, the Zurich-based company said in a statement on Wednesday. That beat an average estimate of 2.79 billion francs by 19 analysts surveyed by Bloomberg.
“Despite the significant long-term investments made, the strong growth in AuM helped to drive Julius Baer’s profit generation,” Chief Executive Officer Boris Collardi said in the statement. “The group is excellently positioned to deliver further profitable growth and shareholder value in the coming years.”
UBS Group AG, Credit Suisse Group AG and Julius Baer, the top three Swiss money managers, are hoping to tempt clients out of cash and into investment products if the policies of U.S. President Donald Trump cause interest rates to increase as expected. The resultant stronger dollar would boost the value of their assets when translated into Swiss francs.
Assets under management rose to 336 billion francs from 300 billion francs a year earlier. Net new money added 12 billion francs and market performance boosted the total by 12.7 billion francs.
To contact the reporter on this story: Colin McClelland in Johannesburg at email@example.com. To contact the editors responsible for this story: Neil Callanan at firstname.lastname@example.org, Ross Larsen
©2017 Bloomberg L.P.